Maker Price Analysis: Holders of MKRs celebrate a gain after sharp short-covering

• After forming a bullish hammer candle in the weekly price chart, the maker reflected a sharp recovery phase and regained the 40% of cost from the recent low. 
• 20 and 50 day moving averages are below the daily price chart; Furthermore, the price is approaching 100 MA.
• MKR/BTC pair price is trading bullish by 2.44% at 0.05889 satoshis.

The MAKER token is appearing solid bullish after rebounding from oversold territory. At the time of writing, Maker token has jumped by 3.38% at $2285.5. After indicating the long-legged Doji candle on 22 January, the asset shot up rapidly and gained around 40% of the cost from weekly low. Bulls are likely to dominate the token’s trend and may achieve the $2700 mark in the next week.

Bulls succeed in sustaining the price of maker token above 20 and 50-day moving averages and moving towards the 100 and 200 MAs. However, the Maker token lost 16% trading volume over the past 24-hours, which reflects the bears trying to cover their positions. The volume oscillator indicator slipped sharply and moved into the negative region. The volume and Market Capitalization ratio is 0.1386.

A long-legged Doji candle sparked buying activity

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Maker Token’s price with Bitcoin pair is trading at 0.05911 satoshis which is bullish by 3.14%. After breaching the Bollinger Bands upper-level pair price is approaching towards the key 0.060 satoshis resistance. If bulls succeed in sustaining pair price, we can see 0.070 satoshis as the next bullish hurdle.

The resistance currently sits at $2300 if bulls continue to hold the bullish trend. However, the relative strength Index is rising sharply after dipping into the oversold territory. Now RSI is at the 60-mark, and it may retest the overbought region soon. However, the average directional index turned its peak to the downside and could retest essential 18-mark support (of ADX indicator).

Conclusion 

The maker’s trend is dominated by bulls without a doubt. If buyers manage to sustain asset price above $2300, $2700 (a crucial resistance) may be reached. 

Support level – $1600 and 1300

Resistance level – $2500 and $2600

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.